On December 31, 20X, Martin Company Prepared an Income Statement

On December 31, 20X, Martin Company prepared an income statement and a statement of financial position. In making the adjusting entries at year-end, Martin failed to record the adjusting entry for wages earned by employees, but not yet paid, amounting to $3,000 for the last four days of the year. The income statement reported profit of $21,000. The statement of financial position reported total assets, $82,000; total liabilities, $30,000; and shareholders' equity, $52,000. Complete the following tabulation to show the correct amounts for the financial statements.
$$\begin{array} { | l | r | r | r | r | } \hline \text { Item } & \text { Net Income } & \text { Assets } & \text { Liabilities } & \text { Shareholders' Equity } \\\hline \text { Balances Reported } & \$ 21,000 & \$ 82,000 & \$ 30,000 & \$ 52,000 \\\hline \begin{array} { l } \text { Correction for } \\\text { Wages }\end{array} & & & & \\\hline \begin{array} { l } \text { Corrected } \\\text { Balances }\end{array} & & & & \\\hline\end{array}$$